ICICI Lombard Complete Health Insurance- iHealth Plan

Objective

An online health insurance policy that endows its policyholders with a customized protection by making available different add-ons that can be attached to the plan as per their own desire.

Suited for

This policy can be taken on an individual or family floater basis including spouse and children under a single policy.

What does it do?

It provides for inpatient hospitalisation, pre and post hospitalisation, day care procedures that do not require an overnight stay in hospital, regular free health check-up and emergency ambulance. This plan can be extended to include any one or both the add-ons by paying extra premium. First add-on allows hospital daily cash to meet subsequent expenses and convalescence benefit for recovery. Second add-on can cover critical illness and donor expenses.
A policyholder can select any one or both of these options to modify the policy to suit their needs. Certain complementary services such as free health check-up, e-consultations with specialists and free coupons for purchase from certain outlets are also provided.
Policyholder can also opt for sub-limits or/ and voluntary deductible where the agreed initial portion of expenses have to be borne by policyholder before the insurer pays for the bills. This will reduce the premium payable as insurers offer discount on opting for these benefits.

Pros

This policy allows a lifetime renewability.
There is no sub-limit.
This policy can be bought online.
Premium paid under this policy qualifies for deduction under section 80D of Income Tax Act.

Cons

Option II covering critical illness and organ donor expenses is over priced.

Our View

A policy that provides a wide coverage for hospitalisation expenses. It is a good policy but not a complete health solution, as its name suggests because it misses out Out patient treatment and maternity expenses. Above all, the Critical Illness benefit is a bit expensive as compared to standalone policies. It is recommended for those who are familiar with insurance concepts and are wise enough to customize the policy to suit their requirements after understanding the benefit of each add-on. Others who have reliable advisors to explain consequences of each customization may also consider it.